• Crain’s Chicago Business, Wednesday, October 28, 2009 10:48 AM

In exchange for a $4 million dollar investment in renovating the North and Clybourn station on the Chicago Transit Authority's Red Line, Apple will get first rights to rename the station if the CTA decides to sell them, as well as an exclusive right to buy all of the ad space there, Thomas A. Corfman reports. Apple is opening a store near the location next year.

The price of the naming rights would be based on a consultant's determination of the market value, according to an agreement. But even if the stop doesn't formally become something like iStation, it will likely be branded exclusively with Apple advertising at going rates. Seven lighted ad displays are being installed.

"Apple thinks their products are designed and work the best, and they want the stores to reflect that attitude," says Michael Damore, executive managing director of Chicago-based architectural firm Epstein, which co-designed another Apple store but isn't involved in the North and Clybourn store. "They don't care what they spend to achieve that goal."

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